Fiscal year#Iran

The fiscal year for individuals and entities to report and pay income taxes is often known as the taxpayer's tax year or taxable year. Taxpayers in many jurisdictions may choose their tax year.See, e.g., [https://www.irs.gov/pub/irs-pdf/p538.pdf U.S. IRS Publication 538]. Some federal countries, such as Canada and Switzerland, require the provincial or cantonal tax year to align with the federal year. In the United States, most states retained a 30 June fiscal year-end date when the federal government switched to 30 September in 1976. Nearly all jurisdictions require that the tax year be 12 months or 52/53 weeks.{{USC|26|441}} – Period for computation of taxable income However, short years are permitted as the first year or when changing tax years.{{USC|26|443}}

Most countries require all individuals to pay income tax based on the calendar year. Significant exceptions include:

• Australia: individuals pay income tax based on the financial year of 1 July until 30 June.{{cite web | title=Changing a financial year | url=http://www.asic.gov.au/asic/asic.nsf/byheadline/Changing+a+financial+year?openDocument | access-date=9 July 2014 | author=Australian Securities & Investments Commission | publication-place=Melbourne | publisher=Author}}
• United Kingdom: the tax year for individuals begins on 6 April. This is due to Britain historically having a calendar year starting on Lady Day (25 March) in the Julian calendar but a fiscal year ending on that day. When the UK adopted the Gregorian calendar in 1752, 25 March translated to 5 April and 26 March to 6 April. (See History of taxation in the United Kingdom#Start of tax year for more detailed explanation.)
• United States: individuals may (but rarely do) elect any tax year, subject to IRS approval.See [https://www.irs.gov/pub/irs-pdf/i1128.pdf instructions] to [https://www.irs.gov/pub/irs-pdf/f1128.pdf IRS Form 1128] and {{USC|26|441|444}}

Many jurisdictions require that the tax year conform to the taxpayer's fiscal year for financial reporting. The United States is a notable exception: taxpayers may choose any tax year, but must keep books and records for such year.

In some jurisdictions, particularly those that permit tax consolidation, companies that are part of a group of businesses must use nearly the same fiscal year (differences of up to three months are permitted in some jurisdictions, such as the US and Japan), with consolidating entries to adjust for transactions between units with different fiscal years, so the same resources will not be counted more than once or not at all.{{citation needed|date=May 2014}}

In Afghanistan, from 2011 to 2021, the fiscal year began on 1{{nbsp}}Hamal (20th or 21 March).{{cite news | url=https://www.khaama.com/afghanistan-fiscal-year-changes-235/ | title=Change in Afghan fiscal year | newspaper=The Khaama Press News Agency | date=17 October 2011 | access-date=2020-05-24}} The fiscal year aligned with the Persian or Solar Hijri calendar used in Afghanistan at the time.

Following transfer of power to the Taliban administration in September 2021, Afghanistan abandoned the Solar Hijri calendar in favour of the Lunar Hijri calendar. The fiscal cycle was restarted with effect from 1{{nbsp}}Muharram 1444 AH (30{{nbsp}}July 2022).{{cite news | last=Rasa | first=Mohammad Shaker | date=2022-03-26 | title=Taliban changes solar year to Hijri lunar calendar | url=https://8am.af/eng/taliban-changes-solar-year-to-hijri-lunar-calendar/ | access-date=2022-09-04 | work=Hasht-e Subh Daily | url-status=dead | archive-url=https://web.archive.org/web/20220904224713/https://8am.af/eng/taliban-changes-solar-year-to-hijri-lunar-calendar/ | archive-date=4 September 2022}}

In Australia, a fiscal year is commonly called a "financial year" (FY) and starts on 1 July and ends on the next 30 June. Financial years are designated by the calendar year of the second half of the period. For example, financial year {{#time:Y|+6 months}} is the 12-month period ending on 30 June {{#time:Y|+6 months}} and can be referred to as FY{{#time:Y|-6 months}}/{{#time:y|+6 months}}. It is used for official purposes, by individual taxpayers and by the overwhelming majority of business enterprises. Business enterprises may opt to use a financial year that ends at the end of a week (e.g., 52 or 53 weeks in length, and therefore is not exactly one calendar year in length), or opt for its financial year to end on a date that matches the reporting cycle of its foreign parent. All entities within the one group must use the same financial year.

For government accounting and budget purposes, pre-Federation colonies changed the financial year from the calendar year to a year ending 30 June on the following dates: Victoria changed in 1870, South Australia in 1874, Queensland in 1875, Western Australia in 1892, New South Wales in 1895 and Tasmania in 1904. The Commonwealth adopted the near-ubiquitous financial year standard since its inception in 1901.{{cite book | last=Arndt | first=Heinz Wolfgang | chapter=The financial year | chapter-url=https://books.google.com/books?id=be1JAgAAQBAJ&pg=PA63 | title=Accounting in Australia: Historical essays | pages=61–70, at p. 63 | editor-first=Robert H. | editor-last=Parker | date=1990 | publisher=Garland Publishers | isbn=978-0-8240-3324-8 | oclc=20823841}} The reason given for the change was for convenience, as Parliament typically sits during May and June, while it was difficult for it to meet in November and December to pass a budget.

The financial year is split into four quarters which cover the following periods:{{cite web | url=https://www.ato.gov.au/Business/Business-activity-statements-(BAS)/In-detail/Activity-statement-generate-dates/ | title=Activity statement generate dates | website=Australian Taxation Office | language=en-AU | access-date=2017-11-07}}

In Austria, the fiscal year is the calendar year, 1 January to 31 December.

In Bangladesh, the fiscal year is 1 July to the next 30 June.{{cite web | url=https://www.cia.gov/the-world-factbook/countries/bangladesh/ | title=Bangladesh | work=The World Factbook | publisher=Central Intelligence Agency | access-date=2019-01-19}}

In Belarus, the fiscal year is the calendar year, 1 January to 31 December.{{cite web | url=http://kodeksy.by/static/byudzhetnyy-kodeks.pdf | title=Budgetary code | access-date=16 June 2017 | page=9, article 5}}

In Brazil, the fiscal year is the calendar year, 1 January to 31 December.

In Bulgaria, the fiscal year is the calendar year, 1 January to 31 December, both for personal income tax{{cite web | title=Ar. 15 of the Act on Taxes on the Income of Physical Persons | url=http://lex.bg/laws/ldoc/2135538631}} and for corporate taxes.{{cite web | title=Ar. 21, Para. 1 of the Act on Corporate Income Taxation | url=http://lex.bg/laws/ldoc/2135538631}}

In Canada, the government's financial year is 1 April to 31 March.{{cite web | title=Federal-Provincial Fiscal Arrangements Act | url=https://laws.justice.gc.ca/eng/acts/F-8/FullText.html | publisher=Department of Justice Canada | access-date=14 August 2012 | language=en, fr | year=1985}}

(Q1 1 April – 30 June, Q2 1 July – 30 Sept, Q3 1 Oct – 31 Dec and Q4 1 Jan – 31 Mar)

For individual taxpayers, the fiscal year is the calendar year, 1 January to 31 December.

In China, the fiscal year for all entities is the calendar year, 1 January to 31 December, and applies to the tax year, statutory year, and planning year.{{cite web | url=https://www.chinacheckup.com/blogs/articles/chinese-financial-year | title=When is the Chinese Financial Year? | publisher=China Checkup | first1=Matt | last1=Slater | date=18 December 2017}}

In Colombia, the fiscal year is the calendar year, 1 January to 31 December.

In Costa Rica, the fiscal year is the calendar year. January to December. As of 2019 when the tax laws changed.

{{cite web | title=Costa Rica – Corporate – Tax administration | url=https://taxsummaries.pwc.com/costa-rica/corporate/tax-administration | access-date=2023-11-03 | website=PwC | language=en-gb}}

In Egypt, the fiscal year is 1 July to 30 June.{{cite web | url=https://www.cia.gov/the-world-factbook/countries/egypt/ | title=Egypt | work=The World Factbook | publisher=Central Intelligence Agency | access-date=2019-01-19}}

In France, the fiscal year is the calendar year, 1 January to 31 December, and has been since at least 1911.{{cite web | url=https://api.parliament.uk/historic-hansard/commons/1911/mar/22/british-and-foreign-naval-power#S5CV0023P0_19110322_HOC_48 | work=Parliamentary Debates (Hansard) | date=22 March 1911 | title=British and Foreign Naval Power. | access-date=5 January 2016}}

In Germany, the fiscal year runs from 1 January until 31 December.

In Greece, the fiscal year is the calendar year, 1 January to 31 December.

In Hong Kong, the government's financial year runs from 1 April to 31 March.{{cite web | url=https://www.cia.gov/the-world-factbook/countries/hong-kong/ | title=The World Factbook | access-date=5 January 2016}}

However, a company incorporated in Hong Kong can determine its own financial year-end, which may be different from the government fiscal year.

In India, the government's financial year runs from 1 April to 31 March the following year.{{cite news | url=http://in.reuters.com/article/2008/11/10/idINIndia-36427220081110?sp=true | work=Reuters | title=Why financial year & calendar year differ in India? | date=10 November 2008 | url-status=dead | archive-url=https://web.archive.org/web/20120119050713/http://in.reuters.com/article/2008/11/10/idINIndia-36427220081110?sp=true | archive-date=2012-01-19}} The financial year from 1 April {{#time:Y|-3 months}} to 31 March {{#time:Y|+9 months}} would generally be abbreviated as FY {{#time:Y|-3 months}}-{{#time:y|+9 months}} or( FY{{#time:y|-3 months}}-{{#time:y|+9 months}}) ( FY{{#time:Y|-3 months}}/{{#time:y|+9 months}}),(FY{{#time:Y|-3 months}}/{{#time:Y|+9 months}}),(FY{{#time:y|-3 months}}/{{#time:y|+9 months}}), but it may also be called FY {{#time:Y|+9 months}} or FY{{#time:y|+9 months}} on the basis of the ending year.{{cite web | url=http://arthapedia.in/index.php/Financial_Year_(FY)_or_Fiscal_Year | access-date=19 Dec 2021 | title=Arthapedia: Financial Year}}

Companies following the Indian Depositary Receipt (IDR) are given freedom to choose their financial year. For example, Standard Chartered's IDR follows the UK calendar despite being listed in India. Companies following Indian fiscal year get to know their economic health on 31 March of every Indian financial or fiscal year.

The current fiscal year was adopted by the colonial British government in 1867 to align India's financial year with that of the British Empire.{{cite web | title=Is the country getting a new fiscal year cycle? | url=http://www.thehindubusinessline.com/economy/is-the-country-getting-a-new-fiscal-year-cycle/article8816388.ece | website=The Hindu Business Line | access-date=30 December 2016 | date=6 July 2016}}{{cite web | title=Change fiscal year to Jan–Dec: Govt panel suggests break from 150-yr tradition | url=http://www.hindustantimes.com/india-news/govt-panel-suggests-changing-financial-year-to-january-december/story-2mqDmFuha0jaLkttR7ioEJ.html | website=Hindustan Times | access-date=30 December 2016 | date=28 December 2016}} Prior to 1867, India followed a fiscal year that ran from 1 May to 30 April.{{cite web | title=India to bid good bye to its 'old' financial year in 2018? | url=http://www.financialexpress.com/economy/india-bid-good-bye-old-financial-year-2018/313582/ | website=The Financial Express | access-date=30 December 2016 | date=12 July 2016}}

On 4 May 2017, Madhya Pradesh announced that it would move to a January–December financial year, becoming the first Indian state to do so. But later it dropped the idea due to Many financial & accounting error.{{cite web | last1=Sood | first1=Jyotika | title=Madhya Pradesh decides to change to January–December fiscal year | url=http://www.livemint.com/Politics/orby2TrlAHqod9aKbf1HlJ/Madhay-Pradesh-shifts-to-JanuaryDecember-fiscal-year-format.html | website=Mint | access-date=5 May 2017 | date=2 May 2017}}

In Indonesia, since 2001, the fiscal year is the calendar year, 1 January to 31 December. Until 2000, the fiscal year ran from 1 April to 31 March; fiscal year 2000 ran from 1 April to 31 December.{{cite news | last1=Soelistianingsih | first1=Lana | title=Ini Keuntungan Pemerintah Merombak Tahun Fiskal | trans-title=Benefits of the government reorganization of the fiscal year | url=http://ekonomi.inilah.com/read/detail/2220960/ini-keuntungan-pemerintah-merombak-tahun-fiskal | date=9 July 2015 | access-date=10 December 2017 | work=Inilah.com | language=id}}

In Iran, the fiscal year usually starts on 21st or 22 March (1st of Farvardin in the Solar Hejri calendar) and concludes on next year's 20th or 21 March (29th or 30th of Esfand in the Solar Hijri calendar).{{cite news | url=https://news.yahoo.com/iran-announces-budget-coming-fiscal-191719775.html | title=Iran announces budget for coming fiscal year | work=Yahoo! News | agency=Associated Press | date=2 March 2014 | access-date=17 October 2015}}

In Ireland, the fiscal year is the calendar year, 1 January to 31 December. Until 2001, it was the year ending 5 April, as in the United Kingdom, but was changed with the introduction of the euro. The 2001 tax year was nine months, from April to December.{{cite news | last1=Suiter | first1=Jane | title=McCreevy changing the tax year from April to January | url=https://www.irishtimes.com/business/mccreevy-changing-the-tax-year-from-april-to-january-1.295008 | access-date=28 June 2017 | newspaper=The Irish Times | date=21 July 2000}}

In Israel, the fiscal year is the calendar year, 1 January to 31 December.{{cite web | url=https://www.cia.gov/the-world-factbook/countries/israel/ | title=The World Factbook | access-date=28 August 2016}}

In Italy, the fiscal year is the calendar year, 1 January to 31 December. It was changed in 1965, before which it was 1 July to 30 June.{{cite web | last1=Bartoletto | first1=Silvana | last2=Chiarini | first2=Bruno | last3=Marzano | first3=Elisabetta | date=May 2012 | title=The Sustainability of Fiscal Policy in Italy: A Long-Term Perspective | url=https://www.researchgate.net/publication/241753928 | access-date=24 May 2020 | pages=47 | via=ResearchGate}}

In Japan, the government's financial year is from 1 April to 31 March.{{cite web | url=https://www.cia.gov/the-world-factbook/countries/japan/ | title=The World Factbook | access-date=5 January 2016}}

Japan's income tax year is 1 January to 31 December,{{cite web | url=https://home.kpmg/xx/en/home/insights/2011/12/japan-income-tax.html | title=Japan – Income Tax | publisher=KPMG | access-date=24 May 2020 | archive-date=16 May 2020 | archive-url=https://web.archive.org/web/20200516050751/https://home.kpmg/xx/en/home/insights/2011/12/japan-income-tax.html | url-status=dead }} but corporate tax is charged according to the corporation's own annual period;{{cite web | url=https://taxsummaries.pwc.com/japan/corporate/tax-administration | title=Japan: Corporate – Tax administration | publisher=PwC | access-date=24 May 2020}} most Japanese corporations elect their annual period to follow the government fiscal year (1 April to 31 March).

In Lithuania, the fiscal year is the calendar year, 1 January to 31 December.{{cite web | title=Article 2.52 | url=https://www.e-tar.lt/portal/lt/legalAct/TAR.8A39C83848CB | work=Civil Code of the Republic of Lithuania | access-date=1 September 2021}}

In Macau, the government's financial year is 1 January to 31 December.

In Malaysia, the tax year for individuals is the calendar year, from 1 January to 31 December.{{Cite web|url=https://taxsummaries.pwc.com/malaysia/individual/tax-administration#:~:text=The%20Malaysian%20tax%20year%20is,1%20January%20to%2031%20December).|title=Tax Administration}}

The Companies Act 2016 does not state when the fiscal year must start for companies, so businesses are free to choose a financial year-end date.{{Cite web|url=https://taxsummaries.pwc.com/malaysia/corporate/tax-administration|title=Tax Administration}} Private businesses usually choose the last day of the calendar year or the last day of the quarter for their financial year end.

Generally, the government releases the annual federal budget in October, ahead of the fiscal year.

In Mexico, the fiscal year is the calendar year, 1 January to 31 December.

In Moldova, the fiscal year is the calendar year, 1 January to 31 December.{{cite web | url=https://www.cia.gov/the-world-factbook/countries/moldova | title=Moldova | work=The World Fact Book | publisher=Central Intelligence Agency | date=24 June 2022}}

In Myanmar, the fiscal year is 1 April to 31 March.{{cite web | title=Burma | url=https://www.cia.gov/the-world-factbook/countries/burma/ | work=The World Factbook | date=26 December 2023 | publisher=Central Intelligence Agency | language=en}}

In Nepal, the fiscal year is 16 July (29 Dilā in Nepal Sambat) to 15 July (28 Dilā in Nepal Sambat).{{cite web | title=Lawmakers stress on changing Fiscal Year | url=http://kathmandupost.ekantipur.com/news/2014-10-12/lawmakers-stress-on-changing-fiscal-year.html | website=The Kathmandu Post | date=12 October 2014 | publisher=Kantipur Publications | access-date=13 February 2016}}

In New Zealand, the government's fiscal{{cite web | url=http://treasury.govt.nz/publications/abouttreasury/annualreport | title=Annual Report | website=The Treasury New Zealand | access-date=5 January 2016}} and financial reporting{{cite web | url=http://www.treasury.govt.nz/publications/guidance/finmgmt-reporting/nzifrs | title=New Zealand International Financial Reporting Standards (NZIFRS) | website=The Treasury New Zealand | url-status=dead | archive-url=https://web.archive.org/web/20160202090453/http://www.treasury.govt.nz/publications/guidance/finmgmt-reporting/nzifrs | archive-date=Feb 2, 2016 | access-date=5 January 2016}} year is 1 July to the next 30 June{{cite web | url=http://www.treasury.govt.nz/government/financialstatements/yearend | title=Year End Financial Statements | access-date=5 January 2016}} and applies also to the budget. The company and personal financial year{{cite web | url=http://ird.govt.nz/calendars-dates/ | title=Important dates | work=Inland Revenue | access-date=5 January 2016}} is 1 April to 31 March and applies to company and personal income tax.

In Pakistan, the government's fiscal year is 1 July of the previous calendar year and concludes on 30 June. Private companies are free to observe their own accounting year, which may not be the same as government's fiscal year.{{cite book | author=International Monetary Fund | title=Pakistan: Staff Report for the 2011 Article IV Consultation and Proposal for Post-Program Monitoring. | url=https://books.google.com/books?id=ZwKS9f-NfHcC&pg=PT173 | date=7 February 2012 | publisher=International Monetary Fund | isbn=978-1-4639-5152-8 | pages=173}}

In the Philippines, the government's fiscal year is the calendar year, from 1 January to 31 December.{{cite web | title=Presidential Decree No. 777, s. 1975 | url=https://www.officialgazette.gov.ph/1975/08/24/presidential-decree-no-777-s-1975/ | access-date=2022-09-16 | website=Official Gazette of the Republic of the Philippines | language=en}}

The accounting period for the private sector must follow a 12-month fiscal period which can or can not be synchronized with the calendar year. Most Philippine companies end their fiscal years in December or March.{{cite web | title=Philippines – Corporate – Tax administration | url=https://taxsummaries.pwc.com/philippines/corporate/tax-administration | access-date=2022-09-16 | website=PwC | language=en-gb}}

In Poland, the fiscal year is the calendar year, from 1 January to 31 December.

In Portugal, the fiscal year is the calendar year, 1 January to 31 December.

In Qatar, the fiscal year is from 1 January to 31 December.

In Romania, the fiscal year is the calendar year, 1 January to 31 December.{{cite web | url=https://www.noulcodfiscal.ro/titlu-2/capitol-1/articol-16.html | title=Codul fiscal 2018 ART. 16 – Anul fiscal | trans-title=Fiscal Code 2018, article 16: Fiscal year | language=ro | author=Rentrop & Straton | website=www.noulcodfiscal.ro | url-status=dead | access-date=26 October 2017 | archive-date=26 October 2017 | archive-url=https://web.archive.org/web/20171026214110/https://www.noulcodfiscal.ro/titlu-2/capitol-1/articol-16.html }}

In Russia, the fiscal year is the calendar year, 1 January to 31 December.{{better source needed|date=May 2024}}

In Saudi Arabia, the fiscal year is the calendar year, 1 January to 31 December.{{cite web | url=https://taxninja.in/blog/different-countries-different-financial-years | title=Different Countries – Different Financial years | website=taxninja.in}}

In Singapore, the fiscal year for the calculation of personal income taxes is 1 January to 31 December.{{cite web | url=https://www.rikvin.com/taxation/singapore-personal-income-tax/ | title=Singapore Personal Income Tax 2020 | date=4 November 2019 | publisher=Rikvin.com | access-date=24 May 2020}}

The fiscal year for the Government of Singapore and many government-linked corporations is 1 April to 31 March.

Corporations and organisations are permitted to select any date as the end of each fiscal year, as long as this date remains constant. However, new companies should consciously choose their financial year end to stretch as much as a duration of 12 months as possible.{{cite web | url=https://www.leftrightcorp.com/guides/business-incorporation/how-to-determine-financial-year-end/ | title=How to determine the financial year end (FYE) in Singapore | date=13 April 2020 | publisher=leftrightcorp.com | access-date=29 July 2020}}

In South Africa, the financial year for the Government of South Africa is 1 April to 31 March.

The year of assessment for individuals covers twelve months, 1 March to the final day of February the following year. The Act also provides for certain classes of taxpayers to have a year of assessment ending on a day other than the last day of February. Companies are permitted to have a tax year ending on a date that coincides with their financial year. Many older companies still use a tax year that runs from 1 July to 30 June, inherited from the British system. A common practice for newer companies is to run their tax year from 1 March to the final day of February following, to synchronize with the tax year for individuals.{{citation needed|date=May 2014}}

In South Korea, the fiscal year is the calendar year, 1 January to 31 December.{{cite web | url=http://www.law.go.kr/법령/국가재정법/(20180417,15342,20180116)/제2조 | date=16 January 2018 | title=국가재정법 | trans-title=National Finance Act | publisher={{ill|Korean Law Information Center|ko|국가법령정보센터}}, Government of South Korea | language=ko | access-date=11 June 2024}}

In Spain, the fiscal year is the calendar year, 1 January to 31 December.{{cite web | title=Spain | url=https://www.cia.gov/the-world-factbook/countries/spain/ | work=The World Factbook | publisher=Central Intelligence Agency | access-date=5 May 2016}}

In Sweden, the fiscal year for individuals is the calendar year, 1 January to 31 December.{{cite web | title=Sweden | url=https://www.cia.gov/the-world-factbook/countries/sweden/ | work=The World Factbook | publisher=Central Intelligence Agency | access-date=1 May 2014}}

The fiscal year for an organisation is typically one of the following:

• 1 January to 31 December
• 1 May to 30 April
• 1 July to 30 June
• 1 September to 31 August

However, all calendar months are allowed. If an organisation wishes to change into a non-calendar year, permission from the Tax Authority is required.{{cite web | title=Skatteverket | trans-title=Swedish Tax Agency | language=sv | url=http://www.skatteverket.se/foretagorganisationer/sjalvservice/blanketterbroschyrer/broschyrer/info/424.4.39f16f103821c58f680007805.html | access-date=19 May 2015}}{{cite web | title=Bolagsverket | trans-title=Swedish Companies Registration Office | language=sv | url=http://www.bolagsverket.se/ff/foretagsformer/aktiebolag/driva/rakenskapsar-1.3823 | access-date=19 May 2015}}

In Switzerland, the fiscal year is the calendar year, 1 January to 31 December.{{cite web | url=https://www.cia.gov/the-world-factbook/countries/switzerland/ | title=Switzerland | work=The World Factbook | publisher=Central Intelligence Agency | access-date=2019-01-19}}

In Taiwan, the fiscal year is the calendar year, 1 January to 31 December. However, an enterprise may elect to adopt a special fiscal year at the time it is established and can request approval from the tax authorities to change its fiscal year.{{cite web | url=http://www.dois.moea.gov.tw/tig/english/page.asp?class_id=2&page=6 | title=Investing in Taiwan | publisher=Taiwan Investment Guide | year=2008}}

In Thailand, the government's fiscal year (FY) is 1 October to 30 September of the following year.{{cite web | title=Economy; Thailand; Fiscal Year | url=https://www.cia.gov/the-world-factbook/countries/thailand/ | website=The World Factbook | publisher=US Central Intelligence Agency | access-date=17 February 2015}} For individual taxpayers it is the calendar year, 1 January to 31 December.

In Turkey, the fiscal year is the calendar year, 1 January to 31 December.{{cite web | title=Turkey | url=https://www.cia.gov/the-world-factbook/countries/turkey/ | archive-url=https://web.archive.org/web/20210110073821/https://www.cia.gov/the-world-factbook/countries/turkey | url-status=dead | archive-date=10 January 2021 | work=The World Factbook | publisher=Central Intelligence Agency | access-date=5 May 2016}}

In Ukraine, the fiscal year is the calendar year, 1 January to 31 December.{{cite web | title=Article 3 of Budgetary code of Ukraine | url=http://zakon2.rada.gov.ua/laws/show/2456-17 | work=Budgetary code of Ukraine | access-date=19 July 2017}}

In the United Arab Emirates, the fiscal year is the calendar year, 1 January to 31 December.

In the United Kingdom, the financial year runs from 1 April to 31 March for the purposes of government financial statements.{{cite legislation UK | mode=cs1 | type=act | year=1978 | chapter=30 | act=Interpretation Act 1978 | section= | schedule=1 | quote="Financial year" means, in relation to matters relating to the Consolidated Fund, the National Loans Fund, or moneys provided by Parliament, or to the Exchequer or to central taxes or finance, the twelve months ending with 31st March. [1889] | access-date=16 February 2024}} For personal tax purposes the fiscal year starts on 6 April and ends on 5 April of the next calendar year.{{cite web | url=https://www.gov.uk/topic/business-tax/self-employed | publisher=HM Revenue & Customs | title=Business tax: Self-employment | access-date=17 May 2017}}

Although United Kingdom corporation tax is charged by reference to the government's financial year, companies can adopt any year as their accounting year: if there is a change in tax rate, the taxable profit is apportioned to financial years on a time basis.{{cite web | author=eexpand International Trade Tech Solutions | date=April 2024 | title=Accounting and accounting rules in the United Kingdom | website=lloydsbanktrade.com | publication-place=London | publisher=Lloyds Bank | url=https://www.lloydsbanktrade.com/en/market-potential/united-kingdom/accounting | access-date=11 June 2024}}

A number of major corporations that were once government-owned, such as BT Group and the National Grid, continue to use the government's financial year, which ends on the last day of March, as they have found no reason to change since privatisation.{{citation needed|date=May 2014}}

The 5 April year end for income tax reflects the old civil and ecclesiastical calendar under which New Year began on 25 March (Lady Day). The difference between the two dates is accounted for by the eleven days omitted in September 1752 due to the Calendar (New Style) Act 1750 by which Great Britain also converted from the Julian Calendar to the Gregorian Calendar. However, although the calendar year finished on 24 March, the tax year finished a day later, on 25 March, the Quarter Day{{snd}}the traditional day on which debts were settled. (For a fuller explanation about the history of the United Kingdom income tax year and its start date, see {{slink|History of taxation in the United Kingdom#Start of tax year}}.)

In the United States, the federal government's fiscal year is the 12-month period beginning 1 October and ending 30 September the following year. The identification of a fiscal year is the calendar year in which it ends; the current fiscal year is often written as "FY{{#time:y|+3 months}}" or "FY{{#time:Y|-9 months}}-{{#time:y|+3 months}}", which began on 1 October and will end on 30 September.

In 1843, the federal government changed the fiscal year from a calendar year to one starting on 1 July,{{cite book | title=The statutes at large and treaties of the United States of America |volume=5 | year=1856 | publisher=Charles C. Little & James Brown | publication-place=Boston | pages=536–537}} which lasted until 1976. The Congressional Budget and Impoundment Control Act of 1974 created the current fiscal year of 1 October to 30 September, making the change to allow Congress more time to arrive at a budget and creating what is known as the "transitional quarter" from 1 July 1976 to 30 September 1976.

For example, the United States government Fiscal Year {{#time:Y|-9 months}}-{{#time:y|+3 months}} is:

• 1st quarter: 1 October {{#time:Y|-9 months}} – 31 December {{#time:Y|-9 months}}
• 2nd quarter: 1 January {{#time:Y|+3 months}} – 31 March {{#time:Y|+3 months}}
• 3rd quarter: 1 April {{#time:Y|+3 months}} – 30 June {{#time:Y|+3 months}}
• 4th quarter: 1 July {{#time:Y|+3 months}} – 30 September {{#time:Y|+3 months}}

State governments set their own fiscal year. Forty-six of the fifty states set their fiscal year to end on 30 June.{{cite web | url=http://www.ncsl.org/research/fiscal-policy/basic-information-about-which-states-have-major-ta.aspx#fyrs | title=Basic Information About Which States Have Major Taxes and States' Fiscal Years | date=13 July 2012 | publisher=National Conference of State Legislatures | access-date=19 June 2018}} Two states have fiscal years that are different:

• New York, ends 31 March{{cite web | title=The budget process | url=https://www.budget.ny.gov/citizen/process/index.html | website=New York State Division of the Budget | access-date=8 February 2024}}
• Texas, ends 31 August

The fiscal year for the Washington, DC government ends on 30 September.{{cite law | title=Code of the District of Columbia | article=Title 1. Government Organization | at=§ 1–204.41. Fiscal year | url=https://code.dccouncil.us/dc/council/code/sections/1-204.41.html | access-date=19 June 2018 | authority=Council of the District of Columbia}}

Among the inhabited territories of the United States, most align with the federal fiscal year, ending on 30 September. These include American Samoa, Guam, the Northern Mariana Islands and the US Virgin Islands. Puerto Rico is the exception, with its fiscal year ending on 30 June.

In Vietnam, the fiscal year is the calendar year, 1 January to 31 December.

The tax year for a business is governed by the fiscal year it chooses. A business may choose any consistent fiscal year that it wants; however, for seasonal businesses such as farming and retail, a good accounting practice is to end the fiscal year shortly after the highest revenue time of year. Consequently, most large agriculture companies end their fiscal years after the harvest season, and most retailers end their fiscal years shortly after the Christmas shopping season. Drake notes, however, that there are cases where businesses choose a year-end which fits with the slower part of their business year. At this point in the year they are likely to hold less inventory than their average daily inventory over the whole year.Drake, P. P., Financial ratio analysis, p. 4, published on 15 December 2012

• 4–4–5 calendar

{{Reflist}}

• {{cite web | url=https://www.cia.gov/library/publications/the-world-factbook/fields/2080.html | title=CIA world factbook – Fiscal Years 2080 | publisher=Central Intelligence Agency | archive-url=https://web.archive.org/web/20180608013724/https://www.cia.gov/library/publications/the-world-factbook/fields/2080.html | archive-date=8 June 2018}}
• {{cite web | url=https://www.cia.gov/library/publications/the-world-factbook/fields/228.html | title=CIA world factbook – Fiscal Years 228 | publisher=Central Intelligence Agency | archive-url=https://web.archive.org/web/20200430054150/https://www.cia.gov/library/publications/the-world-factbook/fields/228.html | archive-date=30 April 2020}}

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Category:Financial accounting

Category:Types of year